The Normie (NORMIE) token suffered a significant blow after a smart contract exploit led to a 99% drop in its value within three hours, temporarily reducing its market cap from $42 million to $200,000. The exploit impacted 72,000 NORMIE holders, as reported by blockchain scam detection tool, Quick Intel.

The hacker responsible for the exploit offered to return 90% of the stolen NORMIE tokens, with the remaining 10% kept as a bug bounty. The hacker also demanded that the stolen funds, along with 600 ETH from the team's dev wallet, be used to launch a new token to compensate NORMIE holders.

Despite the setback, NORMIE has shown signs of recovery. As of writing, its market cap stands at $1,043,837, and its price is $0.001053, marking a 57% increase in the last 24 hours. The incident underscores the importance of robust security measures in the DeFi space and the potential resilience of blockchain-based assets.